SNH | Steinhoff International | Perfect storm implosion
On Wednesday 6 December 2017, Steinhoff International (SNH) announced: • the resignation of its longstanding group CEO, Markus Jooste • and an independent investigation into accounting irregularities following new information coming to the attention of the board. SNH had been due to report provisional financial results following earlier clarification that audited financial statements would only be finalised later by 31 January 2018. These events crystallised investors worst fears leading to a free fall in the share price (1 week -84% in EUR and -89% in ZAR).
Steinhoff International is an integrated retailer based in the Netherlands. Co. is engaged in the manufacturing, sourcing and retailing of clothing, footwear, personal accessories, cellular products, selected financial services, furniture, household goods, appliances, home accessories, consumer electronics and technology products, building materials and DIY projects and general merchandise in Europe, Australasia, the United States and Africa. Co.'s big box format stores provide a one-stop shop solution to household and homeware goods shopping where customers can buy anything for their home, from flooring solutions, full kitchen installations, furniture to final decoration and accessories.
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